According to Facts and Factors Market Research, the global automotive composite materials market in 2019 was approximately USD 8,000 million. The market is expected to grow at a CAGR of 12.2% and is anticipated to reach around USD 17,651 million by 2026.
A composite material, for instance, carbon or glass in the epoxy polymer, is a composition of high-performance fiber with a matrix material. The above composition enhances the material’s physical and chemical properties. Composite automotive materials such as carbon fiber composites are considered as fuel-efficient, lighter and safer for vehicles because they weigh one-fifth of steel but perform better in terms of strength and rigidity.
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Top Market Players
- Toray Industries Inc.
- SGL Carbon SE
- Solvay S.A.
- UFP Technologies Inc
- Koninklijke Ten Cate bv
- Toho Tenax Co. Ltd.
- Mitsubishi Chemical Corporation
- Plasan Carbon Composites Inc.
- Continental Structural Plastics Inc
- Owens Corning
- BrajBinani Group
- Hexcel Corporation
- MubeaCarbo Tech GmbH
- MubeaCarbo Tech GmbH
- GMS Composites
- TPI Composites Inc
- Hanwha Azdel Inc.
- Magna International Inc.
Composite materials possess various favorable properties such as high tensile strength and greater design flexibility which makes it a preferred solution for automotive parts manufacturers. Trends towards achieving environmental sustainability through the reduction of carbon dioxide (CO2) emission from the vehicle is encouraged by various governmental and non-governmental organizations globally is estimated to further fuel the market growth. However, presently the composite materials have a higher cost as compared to other substitutes which may restrain the growth of the market. Conversely, recent technological development in the automotive industry and the rise in demand for luxury cars in recent years is anticipated to bring many lucrative opportunities for the global automotive composite material industry.
By the manufacturing process, the compression molding process constituted a majority share of 24.21% in the global automotive composite materials market in 2019 and is expected to record a CAGR of 12.3% over the forecasted period. This growth is attributable to the wide adoption of a compression molding process for the development of high-strength sheet molding compounds in automotive and appliance applications. Following the compression molding process, the lay-up process accounted for an 18.00% share in the global automotive composite materials market in 2019 and is anticipated to grow at a CAGR of 11.50% over the forecasted period.
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By Material type Polymer Matrix Composite(PMC) segment was accounted for the largest share of approximately 75% in 2019 and expected to reach a value of USD 13,509 million by 2026, owing to the growing demand for polymer matrix composites from the automotive industry for various end-use applications.
By Resin Type, the thermoset resin segment is expected to dominate the global automotive composite materials market followed by thermoplastic resin and accounted for the largest share of 60.38% in 2019 with a value of USD 4,830.4 Million. Stringent government regulations associated with the reduction of greenhouse gas emissions, the introduction of bio-based thermosets, development of rapid cure resin systems, and growth in the use of Fire, Smoke, and Toxic (FST) resins are some of the factors bolstering the market growth of this segment.
By fiber type, glass dominated the global automotive composite materials market in 2019. This segment held a 68.52% share in 2019. Rising adoption of glass-based fiber composites has been a key factor in driving the global glass automotive composite materials market. Moreover, carbon fiber composites have had limited adoption in the commercial automotive sector.
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By application, the exterior application is currently the largest application segment in the automotive composites market and accounts for around 36% of the total market. The exterior application is projected to grow at a CAGR of 11.8% owing to the suiting characteristics such as excellent surface finish, excellent abrasion and corrosion resistance, higher strength-to-weight, and durability of composite parts.
By region, Asia Pacific dominated the global automotive composite materials market in 2019, accounting for a 45.75% share. The growth in the Asia Pacific region is attributable to the rising automotive industry in emerging markets such as India, China, South Korea, etc. Europe and North America held a significant share in the global automotive composite materials market in 2019. Technological advancements in Europe and North America automotive industry have played a key role in fueling the market growth in developed countries of these regions.
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This report segments the automotive composite material market as follows:
Global Automotive Composite Materials Market: By Manufacturing Process Analysis
- Lay-up Process
- Compression Molding Process
- Resin Transfer Molding(RTM) Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Vacuum Infusion
- Other Processes
Global Automotive Composite Materials Market: By Material Segmentation Analysis
- Polymer Matrix Composite(PMC)
- Metal Matrix Composite (MMC)
- Ceramic Matrix Composite (CMC)
Global Automotive Composite Materials Market: By Resin Segmentation Analysis
Global Automotive Composite Materials Market: By Fiber Segmentation Analysis
Global Automotive Composite Materials Market: By Application Segmentation Analysis
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